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Technology sector pushes NASDAQ to new record

US equity markets continued to show mixed performance. While the DOW continued to struggle to recover, the S&P 500 and NASDAQ rose to new all-time highs. In the background, investor confidence is growing that the Fed will start cutting rates in September, with markets currently pricing in a near 70% chance of this outcome.

A key driver of this bullish sentiment has been the strong performance of the technology sector, which has increased overall risk appetite. Nvidia’s market valuation topped $3 trillion for the first time, surpassing Apple to become the second most valuable company in the world.

Technically, the near-term outlook will now remain bullish for NASDAQ as long as support at 16336.07 holds. Tomorrow, a Goldilocks move on nonfarm payrolls could lead to an upward acceleration toward the 138.2% projection from 10207.47 to 14446.55, from 12543.85 to 18427.31.